Rio de Janeiro will accept Bitcoin for real estate taxes From 2023

Binance CEO Changpeng Zhao announced the opening of a new office in the Brazilian city, noting that “He has done his share.” We are constructing ours.”

Rio de Janeiro, Brazil’s largest city, will begin taking Bitcoin (BTC) payments for taxes on urban real estate inside its municipal borders, dubbed Imposto sobre a propriedade predial e territorial urbana (IPTU).

According to Cointelegraph Brazil, the new pro-crypto tax rules will take effect in 2023, as revealed by Chico Bulhes, the Secretary of Economic Development, Innovation, and Simplification.

Binance CEO Changpeng Zhao announced the opening of a new office in the area, noting that “He’s done his part.” We are constructing ours.”

With the implementation of this proposal, Rio de Janeiro will become the first Brazilian city to accept Bitcoin payments. According to the announcement’s translation:

“To facilitate the procedure, the municipality will contract with firms that specialise in converting cryptocurrency to reais. This manner, City Hall will get the whole amount in money.”

Additionally, Brazilian secretary Pedro Paulo said that the city’s objective with the admission of cryptocurrencies is to establish a stable market for this new asset class in the city, adding:

“We will promote the circulation of cryptocurrencies by integrating them into the payment of taxes, as is the case with IPTU, and expanding this to other services in the future, such as taxi racing.”

Additionally, the city intends to implement governance regulations based on nonfungible tokens (NFTs) throughout a variety of areas, including arts, culture, and tourism.

On Jan. 29, Meta, the world’s largest social networking platform, registered a trademark with the Brazilian authorities for the purpose of designing, developing, and providing hardware and software for different BTC and cryptocurrency-related services.

As previously reported by Cointelegraph, Meta’s trademark application order was made from Jamaica on Oct. 5, 2021.

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